NEW TDS RATES FROM 01.10.2009 PASSED IN FINANCE ACT(2) 2009 PASSED ON 19.08.2009
Particulars
NEW TDS RATES%
Section
Nature of Payment
CUT OFF AMOUNT
INDL/HUF
OTHER
194A
Interest from a Banking Company
Rs. 10,000/- p.a
10.00
194A
Interest other than from a Banking Co.
Rs. 5,000/- p.a
10.00
194C
Payment to sub-contrctor/Advertisement contracts
Rs.20,000/- per contract or Rs. 50,000/- p.a
1.00
2.00
194C
other Contractors
Rs.20,000/- per contract or Rs. 50,000/- p.a
1.00
2.00
194C
transport contractors engaged in business of plying, hiring or leasing goods carriages.
Nil *
194H
Commission or Brokerage
Rs. 2,500/- p.a
10.00
194I
Rent other than Plant, Mach.& Eqp.
Rs. 1,20,000/- p.a
10.00
194I
Rent of Plant , Machinery & Equipments
Rs. 1,20,000/- p.a
2.00
194J
Professional Charges
Rs.20,000/-p.a
10.00
* The nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 1% for an individual/ HUF transporter and 2% for other transporters upto 31.3.2010
** The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010
No surcharge and cess is to be added from 01.04.2009 on tax deducted on non-salary payments made to resident taxpayers. It means that surcharges & cess is not be included in basic TDS rates various situation are tabulated in table given below
VARIOUS SITUATION SURCHARGE CESS APPLICABILITY
STATUS
PAYMENT
SUR CHARGE
CESS
Resident
Corporate
Other than Salaries
N
N
Resident
Non-corporate
Other than Salaries
N
N
Resident
Non- Corporate
Salaries
N
Y
Non-Resident
Corporate
<= 1 crore
N
Y
Non-Resident
Corporate
> 1 crore
Y
Y
Non-Resident
Non-Corporate
N
Y
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NEW TDS RATES FROM 01.10.2009 PASSED IN FINANCE ACT(2) 2009
thanx for sharing
Dear Sir,
If a transporter submits the bills for the period prior to 30.09.2009 , then which rate of TDS is to be applied ???
Newer ones or old one i.e. rates prevailing upto 30.09.2009.
Hi Surya.
As per the TDS provisions TDS has to be deducted when ever the payment has been made or credited to the party account whichever is earlier. Hence It depends on the situation as said. Hence if you have already credited the charges to the concerned party before 30th september, You need to follow the rates existing at that time. Or else if you are creditng after 1st October, the rates will be as existing on 1st October.
Its my opinion. Kindly confirm the one......with any other members.
Thanx for sharing...i jus signed in to check for the rates, and u hv made it readily available..thanq friend..
thanks for this imp. information
Dear Sir,
It is realy very helpfull in very short time.
Thanks a lot for sharing
thank u mr bansal anurag for your valuable inforamtion sharing for this information so many sites are insisting for payment.
every one is saying thanks insted of giving thanks give this type of information in future
thank u very much from CA Madhu
pls clarify as who is an "individual" ?
Is a proprietor running business under firm name is also called an individual or the business shud be in the individual's name itself to be called as "individual" ?
for whom (contractors) TDS is to be deduted at 1%?
| Originally posted by :bansalAnurag | ||
| " | Thank you very much for your inputs.. NEW TDS RATES FROM 01.10.2009 PASSED IN FINANCE ACT(2) 2009 PASSED ON 19.08.2009 Particulars NEW TDS RATES% Section Nature of Payment CUT OFF AMOUNT INDL/HUF OTHER 194A Interest from a Banking Company Rs. 10,000/- p.a 10.00 194A Interest other than from a Banking Co. Rs. 5,000/- p.a 10.00 194C Payment to sub-contrctor/Advertisement contracts Rs.20,000/- per contract or Rs. 50,000/- p.a 1.00 2.00 194C other Contractors Rs.20,000/- per contract or Rs. 50,000/- p.a 1.00 2.00 194C transport contractors engaged in business of plying, hiring or leasing goods carriages. Nil * 194H Commission or Brokerage Rs. 2,500/- p.a 10.00 194I Rent other than Plant, Mach.& Eqp. Rs. 1,20,000/- p.a 10.00 194I Rent of Plant , Machinery & Equipments Rs. 1,20,000/- p.a 2.00 194J Professional Charges Rs.20,000/-p.a 10.00 * The nil rate will be applicable if the transporter quotes his PAN. If PAN is not quoted the rate will be 1% for an individual/ HUF transporter and 2% for other transporters upto 31.3.2010 ** The rate of TDS will be 20 per cent in all cases, if PAN is not quoted by the deductee w.e.f. 1.04.2010 No surcharge and cess is to be added from 01.04.2009 on tax deducted on non-salary payments made to resident taxpayers. It means that surcharges & cess is not be included in basic TDS rates various situation are tabulated in table given below VARIOUS SITUATION SURCHARGE CESS APPLICABILITY STATUS PAYMENT SUR CHARGE CESS Resident Corporate Other than Salaries N N Resident Non-corporate Other than Salaries N N Resident Non- Corporate Salaries N Y Non-Resident Corporate <= 1 crore N Y Non-Resident Corporate > 1 crore Y Y Non-Resident Non-Corporate N Y |
" |
I am in need of Government Order where latest TDS Rates are updated. Kindly provide the same on Urgent basis.
THANKS
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